Fig. 8
From: Whether and when did bitcoin sentiment matter for investors? Before and during the COVID-19 pandemic
On the left: partial wavelet coherency between return Bitcoin prices and change in Bitcoin specific sentiment index by factoring out Almihud illiquidity measure. Thick black line indicates the boundaries of the cone of influence (COI). Thin black line shades the areas with 10% significant level. These areas have been simulated after 1000 runs. Partial wavelet coherency ranges respect to jet color codes from low (blue) to high (red). On the right: partial phase differences diagrams of 2–3, 3–6, 6–9- and 9–18-weeks frequency, respectively. Blue line indicates mean of partial phase difference between return and sentiment index throughout frequency intervals